A new system is under development in China that aims at uniting and integrating international central bank digital currencies under BSN, China’s national blockchain project.

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The blockchain service network or BSN which is the Chinese national blockchain project is going to have a pilot to check the integration with central bank digital currencies (CBDC) around the world.

Developing a universal digital payment network (UDPN) based on CBDCs of many countries is BSN’s aim. UDPN’s beta version will probably be launched around July 2021 which will be finished by 2026.

BSN tends to have a digital currency transfer method and payment procedure which is standardized using UDPN so that they could unite multiple systems like insurance, enterprise resource planning, banking, and mobile apps via APIs. This will yield a worldwide cost-effective method of payment and is according to BSN a top game-changer in the finance.

“The CBDCs will completely change the current payment and circulation methods of traditional currencies, consistently build payment systems’ resilience, and significantly increase the global circulation of commodities and cross-currency settlement.”

BSN has a 4-goal roadmap for 2021 and BSN network expansion, private BSN platform promotion, and BSN ecosystem broadening are the other goals besides the UDPN.



China to run BSN revolutionary blockchain Project in 2021

The attack on the Capitol last week is reason enough to ban Donald Trump’s Twitter account said Jack Dorsey, the CEO of Twitter, while he also appreciated Bitcoin as a decentralized technology.

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Mr. Dorsey expressed no remorse for having banned Mr. President’s account and believed that Twitter has done the right thing. Interestingly, he spoke highly of Bitcoin and admiring its free nature and the fact that it is not controlled by any intermediary or entity. 


He was also supportive of Apple and Google Play stores simultaneous removal of Parler which is a popular social media platform as a measure against Donald Trump’s deliberate provocative posts which lead to an attack on the Capitol. Here’s Mr. CEO’s Tweet;


*"I do not believe this was coordinated […] More likely: companies came to their   own conclusions or were emboldened by the actions of others."*


Although he believed banning Donald Trump was a proper measure that was taken, he didn’t enjoy doing it as he explained it to Twitter’s leftist on his Twitter;


*“I do not celebrate or feel pride in our having to ban @realDonaldTrump from Twitter, or how we got here. After a clear warning, we’d take this action, we made a decision with the best information we had based on threats to physical safety both on and off Twitter. Was this correct?”*


Dorsey also believes that under duress he had to make that call. Furthermore, he described the circumstances as extreme, extraordinary, and untenable which pushed them to prioritize the safety of the people.

Dorsey believes that this was not an extreme move and shouldn’t turn into a common practice for social media platforms. 


*"This moment in time might call for this dynamic, but over the long term it will be destructive to the noble purpose and ideals of the open internet[…]having to ban an account has real and significant ramifications [..] sets a precedent I feel is dangerous: the power an individual or corporation has over a part of the global public conversation."*


And at the end, he admired Bitcoin for its free nature that cannot be controlled by any organization, individual entity.


*“The reason I have so much passion for #Bitcoin is largely because of the model it demonstrates: a foundational internet technology that is not controlled or influenced by any single individual or entity. This is what the internet wants to be, and over time, more of it will be.”*


Twitter CEO Justifies President Trump’s Twitter account Ban and expresses his interest Bitcoin as a free technology

Anyone who has been dealing with Bitcoin knows that to transfer any amount of BTC you need a Bitcoin address, and that there are 3 types of addresses; Legacy, Nested SegWit and Native SegWit.

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Almost all Bitcoin traders have used Bitcoin address and can generate these addresses either through an online wallet service or in an exchange. These address can be stored differently depending on your preference. You may use an online wallet, offline one or a slip of paper only. These addresses, however, can be of 3 types, here we will consider them briefly;


## **Legacy (P2PKH) format**


P2PKH which stands for "Pay To PubKey Hash" is the most popular address format that starts with “1”. This address format was the very original and first format used by Bitcoin.


## **Nested SegWit (P2SH) format**


P2SH stands for “Pay To Script Hash” and starts with “3” and it’s impossible to tell MultiSig addresses or Segregated Witness compatible addresses apart. This format is more powerful which supports things with more complex formats than Legacy Functions like having multiple digital signatures for the transaction authorization.


## **Native SegWit (Bech32) format**


This format, unlike the other formats, does not start with a number but “bc1” belonging to the local SegWit address format. This format developed specifically for SegWit. You might face with an error saying “invalid address” in some exchanges if your BTC address is of this type as they don’t support this format. 

This format is of three types of which the Bech32 is the least popular. However, it’s better than the other formats for different reasons. First of all the average cost of sending BTC from this address might be lower since no extra space is required for putting the SegWit address into P2SH address. 

Secondly, Bech32 was defined in BIP173 (Bitcoin Improvement Proposal) which is a case-insensitive one so it reduces the confusion while reading it and since it has fewer character, the calculation is easier. 
In addition Bech32 offers a higher security, better optimization of the checksum error detection code, and decreases the chance of invalid addresses.

 
## **SegWit**


SegWit stands for Segregated Witness which is a soft fork that happens on Bitcoin blockchain. Indeed, it was a response to Bitcoin’s scalability problem in the shape of an upgrade protocol released in 2015 and officially implemented 2 years later.


## **How does SegWit work?**


Unlike the prior model, signatures are not stored along with the transaction data, as a result, a single block can store more transactions which increases network transaction throughput.


Did you know that there are 3 types of Bitcoin addresses? Legacy, Nested SegWit and Native SegWit

Rumor had it that last week, a South Korean video game company had made a generous offer to buy an exchange for approximately $460 million.

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Nexon, the giant Korean gaming company, which had been claimed by the local media to be willing to purchase Bithumb exchange, rejected the claim.

Sending an email to cointelegraph, Nexon clarified that they have no intention of acquiring Bithumb Company and that they cannot talk about other companies’ plans. 

Having said that, selling Bithumb seems to have been on the agenda since last August which was followed by the initial bidding which was held in the following month (September). It’s interesting to mention that this issue doesn’t seem to be really clear as police investigations are being carried out involving Bithumb board and Bithumb holdings chairman, Mr. Lee Jung Hoon.

In the meantime, there’s another ongoing investigation regarding an executive of Bithumb taking place under the fraud allegation which will jeopardize the future of Bithumb including its intention to secure a crypto company and launch an IPO.
 
It’s funny that the exchange’s popularity hasn’t been touched despite two police raids. What’s more, according to CoinMarketCap, it’s a giant in the industry coming in sixth globally in terms of the volume of the daily trading.



Nexon rejects claims of its intentions on buying Bithumb 

A large number of short risky positions were liquidated when Bitcoin rose to $30,950 

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Bitcoin rose and touched $31K and left many of the traders in awe as they had bet on a bearish pullback.

![cyvh.png](/uploads/cyvh_87825e6cd2.png)
###### Source: Coin360

Further data from other sources have confirmed BTC’s peak at $30,960 on the second day of January 2021. 

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###### TC/USD 1-minute candle chart. Source: TradingView

Followed by a bullish charge that raised BTC levels more while press-time levels were struggling to reach 31K. 
Not all the traders felt the same. Some were cheering and celebrating while others were gloomy.

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A tweet from a bot that tracked liquidated trades on BitMEX derivative said “I'm shocked, shocked to find that gambling is going on in here!”. The tweet states that the shorters had incurred $10m of loss.

The altcoins saw rises in their values as well. Dodgecoin rose by 42% while ETH, the second most well-known currency, dropped below $750.


Rising dramatically in price, Bitcoin touched $31K and $100 million of shorts we liquidated

A large number of short risky positions were liquidated when Bitcoin rose to $30,950

Source: Coin360

TC/USD 1-minute candle chart. Source: TradingView